REGISTERED NUMBER: 02785328 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

BRAESTEADS FARM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Miss M M Scott

Mr F A Scott

Secretary:

Milne Moser Solicitors

Registered office:

100 Highgate

Kendal

Cumbria

LA9 4HE

Registered number:

02785328 (England and Wales)

Accountants:

S&W Partners (Manchester) Limited

Accountants

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Bankers:

Barclays Bank Plc

PO Box 25

9 Highgate

Kendal

Cumbria

LA9 4DF

Solicitors:

Milne Moser Solicitors

100 Highgate

Kendal

Cumbria

LA9 4HE

Fixed assets

Tangible assets

5

26,893

33,308

Current assets

Stocks

69,370

69,925

Debtors

6

28,246

31,496

Cash at bank

-

6,387

97,616

107,808

Creditors

Amounts falling due within one year

7

204,536

229,243

Net current liabilities

(106,920

)

(121,435

)

Total assets less current liabilities

(80,027

)

(88,127

)

Capital and reserves

Called up share capital

8

1,000

1,000

Retained earnings

(81,027

)

(89,127

)

Shareholders' funds

(80,027

)

(88,127

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Miss M M Scott - Director

1.	Statutory information

Braesteads Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's trading address is Braesteads Farm, Patterdale, Penrith CA11 0PU.

2.	Statement of compliance

Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The company had net liabilities at 31 March 2025. The company is dependent, in the absence of other funding, on the continued financial support of its parent company, Matson Ground Estate Company Limited, and its directors. The directors believe that further support will continue to be made available by the parent company and it's directors.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that might be necessary if the parent company was not to provide further support.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are not considered to be any critical judgements in applying the company's accounting policies.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year are addressed below.

(i) Stock valuation

Livestock is included at market value at each reporting date. In order to determine the market value the company uses professional valuers to ensure the livestock is valued correctly.

Turnover

Turnover represents amounts receivable, net of value added tax, for the sale of livestock, subsidies and revenue grants. Livestock revenue is recognised on despatch. Subsidies and revenue grants are recorded as income when they are receivable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

at varying rates on cost and at variable rates on reducing balance

Motor vehicles

-

at varying rates on cost and at variable rates on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are professionally valued and included at fair value in accordance with section 34 of FRS 102. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.The impairment loss is recognised in the profit or loss.

There are no financial assets which are initially measured at fair value.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Other income

Other operating income is recognised on an accruals basis.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

4.	Employees and directors

The average number of employees during the year was 3 (2024 - 2 ) .

5.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 April 2024

100,540

Disposals

(7,522

)

At 31 March 2025

93,018

Depreciation

At 1 April 2024

67,232

Charge for year

6,414

Eliminated on disposal

(7,521

)

At 31 March 2025

66,125

Net book value

At 31 March 2025

26,893

At 31 March 2024

33,308

6.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

20,345

15,359

Other debtors

7,901

16,137

28,246

31,496

7.

Creditors: amounts falling due within one year

2025

2024

£

£

Bank loans and overdrafts

14,752

-

Trade creditors

1,120

8,914

Amounts owed to group undertakings

175,634

207,133

Taxation and social security

687

685

Other creditors

12,343

12,511

204,536

229,243

8.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

9.	Related party disclosures

At the balance sheet date the amount due to the parent company was £175,634 (2024 - £207,133).